Camera-Less Kodak Can Exit Bankruptcy
Radically changed company gets judge's OK to emerge from protection
By Newser Editors and Wire Services
Posted Aug 20, 2013 5:25 PM CDT
Kodak color slide film Kodachrome on display in 2008. It's a much different company today.   (AP Photo/Paul Sakuma)

(Newser) – A federal judge has approved Kodak's plan to emerge from bankruptcy protection. Judge Allan Gropper's ruling paves the way for the photography pioneer to emerge from court oversight as a new company focused on commercial and packaging printing. Many of its products and services are now gone, including the camera-making business that made it famous more than a century ago. Also gone are tens of thousands of workers, manufacturing facilities, supply contracts, and millions of dollars in investments. Founded in 1880, Eastman Kodak Co. filed for bankruptcy protection last year after struggling with increasing competition, the shift from film to digital photography, and growing debt levels.

"Kodak is a different company than the one in the popular imagination and very different from the one that filed for bankruptcy," Kodak attorney Andrew Dietderich told the court. In making his ruling, Gropper noted that his approval of the plan will result in the loss of retirement and health care benefits for many former workers, while many of the company's investors will recoup just pennies on the dollar. "So at a time of admitted tragedy, let us take a moment to dwell on the future and hope that Kodak will be successful," Gropper said.

Copyright 2016 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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Showing 3 of 18 comments
HMD-SMD-ITY
Aug 21, 2013 7:54 PM CDT
I remember stopping in a west Virginia town to meet up with a relative and then we headed to D.C. It was dark and all you could see were refinery lights in all the surrounding hills. I asked him if it was oil refineries and he said it was Kodak's plastics division. They made most of the soft drink bottles used in the USA. When there was a temperature inversion, you got soot on your car. So you went to car washes set up by Kodak to wash it off.
No-Left-Turn
Aug 21, 2013 8:32 AM CDT
Change happens. Some anticipate, some adapt, some die.
right2dave
Aug 21, 2013 3:31 AM CDT
It’s amazing how many people get pissed when I tell them we have to send their film out to a lab. So many thin our Photo department has a dark room in the back?